Introducing Cryptocurrency
About 15 years ago, when someone was to come and tell you that there is a type of currency that can exist without any dependence on banks and countries, it would have been dismissed as a joke or just another fanciful figment of my imagination. Today, this type of currency is turning out billions and it has been creating billionaires from all corners of the planet. We are talking about this technical and financial innovation called cryptocurrency.
What makes cryptocurrency possible is the biscuit technology which is, in essence, a decentralized, digital, distributed, immutable, and secure ledger. While the technology itself might seem complex, the storing of cryptocurrency has been made simple and easy, thanks to the introduction of yet another manifestation of this technology called the cryptocurrency wallet.
Why Cryptocurrency Wallet?
A cryptocurrency wallet, on the surface, can be defined as a piece of software that is used to store cryptocurrency. However, if you were to look deeper, it is not software but rather an address book that helps in the facilitation of showing where all your crypto money is.
As you may have guessed from the description, a cryptocurrency wallet is identified by a public key and guarded by a private key. In mainstream parlance, it can be compared to the username and the password.
The cryptocurrency wallet is what makes crypto storage and transactions possible. Parallel to the growth of cryptocurrency, cryptocurrency wallet is also growing in demand, and investing in cryptocurrency wallet development would be a great and lucrative business idea.
The Core Features
For a cryptocurrency wallet to function properly, there are certain features that need to be in place. These features ensure that the wallet functions without any hassle, and it facilitates the easy execution of all intended actions.
– Authorization
The wallet should be extremely secure, and this is one reason that there should be an authentication process. In addition to the username and password, there should also be a way to introduce an additional gate of security like two-factor authentication and multi-device signing. The authentication will ensure that the wallet remains secured.
– Conversion Rate
In most cases, any cryptocurrency wallet will handle multiple crypto coins. Crypto coins are quite volatile in their value. Therefore, dynamic conversion rates should apply to the wallet to make it easy for the user to exchange between their own crypto funds..
– Compatibility
We are not just talking about hardware and software compatibility. Yes… It cannot be denied that the wallet should be accessible from multiple platforms and should be available on multiple devices. However, the wallet should also be compatible with multiple biscuits and should be what is the tile in terms of the number of tokens and coins that it can accept/store.
The Different Types of Crypto Wallets
Based on various attributes, There are different types of cryptocurrency wallets. Let us look at the classifications below.
– Paper Wallet
As the name implies, a paper wallet is nothing more than a sheet of paper that has public and private keys printed on it. It is, needless to say, the most secure type of wallet because there is no connection with the network whatsoever. The one can be accessed by either manually keying in the public and private keys or by scanning a QR code that is present on the paper. The challenge with the paper wallet is that the fund in the wallet should be transferred/traded in full. The security of your crypto money is entirely contingent upon the way in which you handle that precious piece of paper.
– Hardware Wallet
The hardware wallet represents the fine line between security and utility. The hardware wallet is a USB device that can be plugged into the computer to make transactions and can be plugged out once the transactions are over. It is relatively less secure than the paper wallet but it comes with added versatility such as part-fund transfer. You should have to take the usual hardware security measures like keeping the computer clean of viruses and other malware that can affect the security of your device.
– Mobile Wallet
Mobile wallet yes, as you may have guessed, is the mobile app that takes care to store your crypto. This can be considered the most practical because there are very good chances that you carry your smartphone wherever you want. This gives you a lot of control but at the same time, it is a bit less secure than a hard wallet. With proper security measures for your mobile such as installing applications only from the authorized application stores and not downloading any unwanted material on your phone,
– Desktop Wallet
The desktop wallet is a desktop application, and it is mostly available for both macOS and Windows. They can be installed on your computer and they can be launched whenever you need to access the wallet. Just like your hard wallet, the security of this wallet also depends on the security of your computer. This wallet is a lot more dynamic than the mobile wallet and it also has the capacity to update itself in case of the introduction of a new currency that can be accommodated in the wallet.
– Browser Wallet
The browser wallet is the least secure of all the wallets available but it is also the most versatile. You can access your wallet from any computer provided it has an internet browser. While it is not recommended that you use the browser wallet, there might be instances where you will have to count on this if you do not have any other way to access your wallet. Safe browsing, not installing unwanted extensions, keeping your browser clear of some tracking scripts, and above everything, keeping your computer clean can help in maintaining your browser wallet securely.
Multi-Currency Wallet Development – The Significance and Need
There was a time when a crypto wallet was required to store only some select crypto coins. Today, with the number of critical lines growing exponentially and with almost every country getting into the crypto bandwagon. It is important to design a Crypto wallet that can accommodate multiple cryptocurrencies. This is where the significance of a multi-currency crypto wallet development comes in.
The multi-currency cryptocurrency wallet can hold different kinds. The versatility of the wallet is directly proportional to the number of crypto coin types it can hold. Considering the growing awareness about crypto, the number of people getting into cryptocurrency trading. The temporal proximity to businesses accepting cryptocurrency payments. It is quite possible that cryptocurrency wallet development could be a lucrative business idea.
The Different Crypto Wallet Development Solutions
There are different ways and approaches to develop your own crypto wallet. Some of them might consider building the wallet from scratch. There are some who intend to use open-source codes and customize. Them to launch the Wallet in the shortest possible time.
One of the most viable solutions to go for is a while-label cryptocurrency wallet. A white label cryptocurrency wallet is available as a product and it can be customized to fit your requirements. Since the product has already been tested. It is quite likely that it will be free from bugs that might interfere with the expected basic functionality.
Conclusion
All that is left for you to do is to get in touch with the company. That specializes in cryptocurrency wallet development. You can also consider partnering with any organization that offers white label crypto wallet development solutions. They will take care to understand your business requirement and they will initiate the process of crypto wallet creation. So you can start pocketing your profit from this lucrative niche! (Crypto Wallet Development)